gold comment for tue 11-feb-2003
With open interest dropping by about 20,000 contracts in a week that saw gold trade lower, the weak longs must have exited the market.
At about US$364/oz gold and as long as gold holds above the US$350/oz level and open interest keeps on declining then gold would have established a strong base $390-$350/oz from which it can trade higher, possibly as high as $420-440/oz.
If not then the $320/oz is fair game.
Arhidas neither short or long gold or gold equities
